HC Partners, a private equity firm specializing in the Dutch lower mid-market, announced the final close of its third flagship fund, HC Partners Fund III, at €100 million, exceeding its initial target of €80 million. The fundraise was significantly oversubscribed, reflecting strong investor confidence in the firm’s micro buy-and-build strategy.
Founded in 2017 by Matthew Boatfield and Robert Verwoerd, HC Partners has completed over 130 acquisitions across seven platform investments. The firm’s approach centers on partnering with founder-led small and medium-sized enterprises (SMEs) in fragmented sectors, preserving their local identity and specialist expertise while providing access to shared resources and scale benefits.
HC Partners Fund III will continue to target financially robust, entrepreneur-led businesses operating in stable or growing segments within the Dutch lower mid-market. The firm employs data-driven sector analysis to identify opportunities and collaborates closely with management teams to build leading platform companies through targeted acquisitions, commercial development, and operational improvements.
Matthew Boatfield, Co-Founder and Partner, commented, “We are incredibly grateful for the continued support of our investors. Fund III allows us to keep doing what we do best: partnering with founders across the Dutch SME landscape to build scalable platforms from the ground up.”
Co-Founder and Partner Robert Verwoerd added, “Entrepreneurs are central to our model. We want businesses joining our platforms to retain the identity, expertise and customer relationships that made them successful, while benefiting from the capabilities and investment of a larger group. Fund III will allow us to apply that approach in more fragmented markets across the Netherlands.”
The fund attracted commitments from a mix of existing limited partners and new institutional investors from Europe, the US, and Asia, although specific LP names were not disclosed. HC Partners was advised on the fundraise by Rede Partners and Loyens & Loeff.
With Fund III, HC Partners aims to continue its disciplined investment approach, leveraging its proven buy-and-build model to scale founder-led businesses in the Dutch lower mid-market, a segment characterized by fragmentation and growth potential.
